The Limited Times

Now you can see non-English news...

Next Benko bomb: Investors file criminal charges after Signa's insolvency

2024-02-06T17:23:23.992Z

Highlights: Next Benko bomb: Investors file criminal charges after Signa's insolvency. Signa creditors fear a total loss of their investments. Investors are missing a total of 662 million euros from Signa Development. The lawsuit also states that no essential information was disclosed to the creditors. Benko has now added another problem child to his growing list of legal problems. The real estate company filed for bankruptcy at the end of November (November 29, 2023) Signa Holding GmbH includes numerous commercial properties in Germany and Austria as well as the Galeria Karstadt Kaufhof department store group. The bankruptcy was declared for a totalof 8.6 billion euros.



As of: February 6, 2024, 6:01 p.m

By: Fabian Hartmann

Comments

Press

Split

The group's insolvency also has initial legal consequences for Signa boss René Benko.

Investors have filed a lawsuit.

Vienna – Signa's investors have now officially filed a criminal complaint with the Economic and Corruption Prosecutor's Office (WKStA) following the real estate company's billion-dollar bankruptcy.

They are calling for investigations into the empire of the absconded Austrian real estate investor René Benko.

The lawsuit was filed at the end of last week by a Viennese law firm on behalf of a group of domestic and international investors.

She had granted Signa long-term loans, as the

press

reported.

Signa Development, one of the largest companies within the Signa network, conducted "unlawful transactions" before filing for bankruptcy on December 29, the lawsuit says, according to the

Financial Times

The investors are missing a total of 662 million euros

The Signa investors' accusation against René Benko runs an impressive 22 pages.

In it they state that they have “detected a significant outflow of assets amounting to more than 662 million euros from Signa Development to (indirect) shareholders and sister companies”.

However, there is “no economic or operational justification” for this, the lawsuit continues.

Signa construction site © IMAGO/Michael Gstettenbauer

Signa Holding GmbH, which includes numerous commercial properties in Germany and Austria as well as the Galeria Karstadt Kaufhof department store group, filed for bankruptcy at the end of November (November 29, 2023).

The bankruptcy was declared for a total of 8.6 billion euros. 

Signa creditors fear a total loss of their investments

With the insolvency of Signa Development, which was responsible for the development of local real estate, Benko has now added another problem child.

The lawsuit also states that no essential information was disclosed to the creditors.

Signa investors now fear a complete loss of their investments.

(Fabian Hartmann)

Source: merkur

All news articles on 2024-02-06

You may like

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.